Aditya Birla Sun Life Insurance Company Limited (ABSLI), Aditya Birla Capital's life insurance business, has announced the launch of the 'ABSLI Salaried Term Plan', a customized and cost-effective protection option for salaried professionals. It is a Non-Linked, Non-Participating, Life Individual, Pure Risk, Premium Plan that allows salaried professionals to construct plans that meet their specific protection needs.
ABSLI Salaried Term Plan provides a variety of comprehensive life protection alternatives to meet policyholders' various demands. In addition to the traditional Life Cover option, policyholders can select a Life Cover with Return of Premium (ROP) option, which allows them to receive the complete premiums paid upon death. (GST, Loadings, and other charges are not included). Furthermore, the Fixed Income Cover option assures that the nominee receives a monthly income equal to 1.25% of the chosen Sum Assured on the policy anniversary on or after death for the Income Benefit Period, which can be 10, 15, or 20 years.
The ABSLI Salaried Term Plan's Increasing Income Cover option provides identical benefits, but the income increases annually, based on the chosen Income Escalation Rate of 5% or 10% per annum on a simple interest basis. This allows the nominee to receive income that is inflation-adjusted.
"By introducing the ABSLI Salaried Term Plan, we acknowledge the specific financial hurdles that salaried individuals face in meeting their protection needs," stated Kamlesh Rao, MD & CEO of Aditya Birla Sun Life Insurance. This one-of-a-kind term plan demonstrates our commitment to providing customized protection solutions to our customers and to becoming a trustworthy partner in securing the aspirations and financial future of salaried professionals in India."
The ABSLI Salaried Term Plan offers long-term complete insurance for up to 49 years. Furthermore, the minimum and maximum admission ages are 21 to 55 years, with a maximum maturity age of 70 years.
Policyholders will be able to select from a variety of PPT (Premium Payment Term) choices, including Limited Pay (5, 7, 10, 12, 15, and 20 Years) and Regular Pay. Policyholders can pick between numerous rider choices for enhanced protection, including the Accidental Death Benefit Rider Plus/ ABSLI Accidental Death and Disability Rider, Critical Illness Rider, Hospital Care Rider, and Waiver of Premium Rider.
